{
  "id": 10582963,
  "title": "At N166trn, Nigeria’s debt-to-GDP nears 40%",
  "url": "https://urgent.news/2026/09/29/at-n166trn-nigerias-debt-to-gdp-nears-40",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T01:48:38.000Z",
  "source": {
    "name": "Daily Trust",
    "slug": "daily-trust",
    "url": "https://dailytrust.com/at-n166trn-nigerias-debt-to-gdp-nears-40/"
  },
  "original_language": "en",
  "account": "Nigeria's total public debt reached a staggering N166.79 trillion as of June 30, 2026, bringing the country's debt burden to nearly 40 percent of its gross domestic product (GDP). This worrying figure was disclosed by the Debt Management Office (DMO), showing a 4.7 percent increase over the previous quarter. Domestic borrowing continues to account for the majority of the debt, with domestic debt standing at N91.59 trillion, or 54.91 percent of the total.\n\nThe Federal Government of Nigeria (FGN) remains responsible for a significant portion of the debt, accounting for approximately 91.6 percent of the total. The FGN's external debt amounts to N75.20 trillion, which is 45.09 percent of the overall public debt, while domestic obligations make up the remaining N87 trillion, or 52.16 percent.\n\nEconomists have expressed concerns over the debt sustainability, borrowing efficiency, and the use of borrowed funds. Bismarck Rewane, an economist and CEO of Financial Derivatives Company, emphasized that the size of the debt is a major cause for concern, especially given Nigeria's lack of corresponding productivity growth. He noted that the government should focus on the purposes for which the borrowed funds were used, rather than merely the size of the debt.\n\nAnother major concern is the cost of servicing the accumulated debt, which adds to the government's financial burden. FGN bonds remain the largest component of the Federal Government's domestic debt, with an outstanding value of N64.84 trillion, representing 74.53 percent of the portfolio. Nigerian Treasury Bills and FGN Sukuk also contribute significantly to the domestic debt, making up 22.39 percent and 14.63 percent of the total, respectively.",
  "summary": "Nigeria’s total public debt has risen to N166.79 trillion as of June 30, 2026, bringing the country’s debt burden close to 40 per cent of its gross domestic product (GDP) and prompting renewed concerns among economists over debt sustainability, borrowing efficiency and the use of borrowed funds. The latest figures released by the Debt Management […]",
  "key_points": [
    "Nigeria's total public debt reached N166.79 trillion as of June 30, 2026",
    "Debt burden now nearly 40% of GDP, up 4.7% from previous quarter",
    "Federal Government accounts for 91.6% of total debt, including N75.20 trillion external debt"
  ],
  "editors_take": "Nigeria's rising debt-to-GDP ratio nearing 40% heightens concerns over debt sustainability, borrowing efficiency, and the use of borrowed funds, particularly given the country's lack of corresponding productivity growth.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}